Sunrun adds 34,000 customers in Q2, expects net subscriber value to grow to more than US$10,000 in H2

Facebook
Twitter
LinkedIn
Reddit
Email
Sunrun said high demand for residential solar in the US helped drive better-than-expected financial results despite high input and capital costs. Image: Sunrun.

Following strong demand in the US market for residential solar, US solar installer Sunrun increased its customer additions by more than in Q1 and posted better-than-expected financial results, while still making a loss.

Sunrun added 34,403 customers in Q2, up from the 29,463 it added in Q1, representing a 21% year-on-year growth and taking its total customer number to 724,177.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company installed 246.5MW of solar PV in Q2, up from 213MW in Q1, bringing its networked solar energy capacity to 5,136MW as of 30 June.  

Sunrun’s net subscriber value also increased from US$7,141 in Q1 to US$7,910 in Q2. The company said its subscriber value was US$38,712 in the second quarter of 2022 while creation costs were US$30,802. Its total value generated was US$200 million in Q2 2022.

Its Q2 2022 results showed that quarterly revenue increased by 46% year-over-year to US$584.58 million, which beat average analyst estimates of less than US$500 million.

Meanwhile, it reported a quarterly net loss of US$12.4 million, or US$0.06c per share, which defied analysts who were predicting a loss of US$0.10c per share. In Q1, it reported a net loss of US$87.8 million and experienced a US$0.42c fall in share price, while increasing its loan facility to aid in equipment stockpiling.

“The Sunrun team continues to execute well, delivering significant growth in installations that exceeded our guidance,” said Danny Abajian, Sunrun’s CFO.

Total cost of revenue was US$495 million, an increase of 50% year-over-year, while total operating expenses were US$740 million, an increase of 36% year-over-year.

At the time of its Q1 results, Sunrun said it had taken a number of measures to insulate itself from upcoming headwinds in the US solar industry. “The adjustments we made to our offerings in response to higher input and capital costs earlier this year have been received well, and these changes are partially reflected in our higher net subscriber value during Q2 and our outlook is for even higher net subscriber value in Q3,” said Abajian.

Sunrun’s management expects solar energy capacity installed growth to be 25% or greater for the full-year 2022 as it reaffirmed its guidance for the year, while its net subscriber value is expected to rise to more than US$10,000 in Q3 and Q4. In Q3, the company expects solar installs to be in a range between 250MW – 260MW.

“We are laser focused on growing faster, better and stronger as we streamline how we deliver a world class experience for our customers while continuing to provide new product and technology offerings our customers,” said Sunrun CEO Mary Powell.

Powell referenced the recently agreed upon Inflation Reduction Act during the Q2 results release, arguing it would “turbocharge” the energy transition in the US.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

Premium
July 15, 2025
Virtual power plants are emerging as a potentially critical means of meeting the growing power demands from data centres in the US.
July 15, 2025
D.E. Shaw Renewable Investments (DESRI) has started construction at a 150MW solar-plus-storage project in the US state of New Mexico.
July 15, 2025
The US Department of Commerce (DoC) has initiated an investigation into the imports of polysilicon and its derivatives.
July 14, 2025
Solar and storage developer MN8 Energy has raised US$575 million to refinance three PV projects in North Carolina, Kentucky and Illinois.
July 14, 2025
OpenSolar has launched a new model to help US rooftop solar installers reduce costs and thrive despite the loss of the 30% IRA tax credit.
July 14, 2025
Analyst Wood Mackenzie has forecast that solar PV and wind installations in the US will be 100GW lower than expected between 2025 and 2030 with the removal of Inflation Reduction Act (IRA) incentives.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK